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Bank of America leads low-volume, mixed session for preferreds; KeyCorp trades higher
By James McCandless
San Antonio, May 25 – Preferreds were muted in a relatively low-volume day as the end of the week led into a three-day weekend, sources said.
Bank of America Corp.’s recent 6% series GG non-cumulative preferred stock ended the week as the most-active in the preferred space.
KeyCorp’s 6.125% series E fixed-to-floating rate perpetual non-cumulative preferred stock jumped up in volume.
HSBC Holdings plc’s 8.125% preference shares gained amid an imminent redemption date.
Bank of America off
Bank of America’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock continued to be among the most-active issues with 749,000 shares changing hands on Friday.
The deal came to market a few weeks ago and has regularly been spotted among the most-active issues.
The preferreds (NYSE: BACPrB) were down 1 cent to close at $25.34 on Friday.
KeyCorp gains
KeyCorp’s 6.125% series E fixed-to-floating rate perpetual non-cumulative preferred stock saw a spike in trading volume as the week came to a close with about 738,000 shares trading.
Recently, the company’s board of directors approved a 14.3% hike in the quarterly common stock dividend, adjusting it to 12 cents from 10.5 cents.
The dividend will be payable on June 15.
The preferreds (NYSE: KEYprI) were up 2 cents to close at $27.47.
HSBC jumps
HSBC’s 8.125% perpetual subordinated capital securities exchangeable non-cumulative dollar preference shares strengthened on volume of about 390,000 shares.
The company announced recently the shares would be one of two securities that would be redeemed on June 4.
The securities (NYSE: HSEA) traded up 24 cents to close at $25.24.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index closed the week down 0.03%, reversing a 0.20% gain in early trading Friday.
The iShares US Preferred Stock ETF closed up 1 cent to $37.16.
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